BMO gives a gift to monolines
The bank that rocked the market with its “2.99 no-friller” announced Tuesday it will be raising the rate on its five-year, fixed-rate mortgage to 3.79 per cent from 3.59 per cent, widening the competitive edge brokers enjoy through monolines. At least for now, say industry players.
Brokers to Jim Flaherty: Don't get any ideas...
Brokers warn the federal government not to read too much into the July spike in home sales, specifically the 9.4 per cent rise highlighted in the latest Canadian Real Estate Associate (CREA) report.
A different tack for self-employed clients
Brokers continue to vent their frustration over securing mortgages for self-employed clients, but are increasingly directing them to write off less of their income, among other successful strategies.
UPDATED: Broker points to cancelled preapprovals
UPDATED: At least one monoline appears to have cancelled pre-approvals written before the CMHC announcement last week, said one broker, raising concerns that other lenders will follow suit.
DLC adds new TV spot
Dominion Lending Centres’ new TV spot features young girls talking about what their homes mean to them – a campaign acknowledging the power of women in home financing decisions.
Should brokers thank CMHC?
Thanks, CMHC! The latest move by the Crown corporation has pushed a wave of fence-sitters into making purchases today fearing increased rates tomorrow, say brokers.
Brokers sweeten their benefits packages
In the hopes of holding onto their best employees, brokers are embracing more creative benefits packages. Those strategies are so creative, in some cases, they may just prompt an influx of job applications.
Which broker lender will feel the CMHC pinch?
Brokers are already positing their own theories on which lenders will be hardest hit by CMHC’s move to cap access to government guarantees for securitized mortgages.
Brokers ready for active August
Brokers expect August home sales to steal the fall market’s thunder as buyers look to move before a rise in interest rates – a trend July’s booming numbers highlight.
Glut of luxury condos in Toronto market
The $1-million cut-off on Canada Mortgage and Housing Corporation insurance may have hit the luxury condo market, with a glut of inventory in Toronto suggesting it will take 20 months to clear given current demand.